Mortgage rates fell to their lowest level in two years amid the much-anticipated cut in Fed interest rates last week, leading to a marked decline in housing payments.
“The median U.S. housing payment was $2,534 during the four weeks ending September 15, down 2.7 percent from a year earlier—the biggest decline since May 2020,” said a Sept. 19 report from Redfin real estate brokerage.
According to Freddie Mac, the 30-year mortgage rate registered at 6.09 percent for the week ending Sept. 19. The last time mortgage rates fell below the current level was in September 2022.
Although the number of mortgage applications have been picking up, home sales are yet to register a significant recovery, partly due to buyer indecision and the political climate….